Czarnecki and Getin Holding sell out of Belarus at major loss

As soon as the first quarterly profit of Getin Noble Bank in five years appeared, the blow for the billionaire financial group Leszek Czarnecki came from a different side. The situation in Belarus became so unfavorable that Getin Holding got rid of the business in this country at a high loss. Less than expected were obtained from the sale of the business in Romania. A bank in Ukraine is also put up for sale. Soon there may be only cash in Getin Holding.

Getin Holding lost as much as PLN 167 million in the second quarter and this is the largest loss since the first quarter of last year. Once a jewel in the crown of Leszek Czarnecki’s financial holding, it recently had to come to terms with several serious failures. The billionaire controls almost 55 percent of Getin Holding shares, including 34 percent via Dutch LC Corp, and 10 percent by Getin Noble Bank. And he recently made decisions that affected the results of the second quarter.

The decision with the greatest financial consequences was the sale of Idea Bank Belarus shares at the beginning of April for PLN 75.7 million. Such a price means that PLN 152 million has to be included in the losses. The buyer was Minsk Transit Bank, the main shareholder of which is Belneftgaz, controlled by the oligarch Alexei Aleksin. He is currently banned from joining the EU for close cooperation with Alexander Lukashenka.

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